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Dec 17, 2013
12/13
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we talk about how we have reduced the deficit. reduced the deficit? yeah, that means that we used to be over -- overspending a trillion dollars a year and now we're only overspending $500 billion, which is half a trillion. that's still overspending. and families across america know that you can't keep spending more than you take in. is there any indication that this causes a problem? we've been experiencing some of the lowest interest rates in the history of the country, which means the federal government has been able to borrow its money for less than it ever has been before. a few months ago, i went to one of these bond sales. it was $40 billion worth of bond sales sold in 30 minutes. people in other countries had so much courage -- confidence in the united states that they were willing to pay us to take their money. they put in bids of negative interest rates. they paid us to take their mon money, to keep it, to make sure that it was secure. and they believed that it would be secure. so they paid us a negative interest rate. now, at that particular
we talk about how we have reduced the deficit. reduced the deficit? yeah, that means that we used to be over -- overspending a trillion dollars a year and now we're only overspending $500 billion, which is half a trillion. that's still overspending. and families across america know that you can't keep spending more than you take in. is there any indication that this causes a problem? we've been experiencing some of the lowest interest rates in the history of the country, which means the federal...
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May 23, 2013
05/13
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and it would also cut the deficit by $71 billion. another loophole the so-called edwards-gingrich loophole, lets high-earning professionals dodge paying payroll taxes by calling themselves corporations. we close that, too, saving another $9 billion. we save another $3 billion by going after a deduction that allows private jet owners to depreciate their planes faster than commercial aircraft are allowed to be depreciated. another commonsense change. the fourth part of the proposal would contribute $24 billion to lifting the sequester by ending tax breaks for big oil. over the past decade, the five largest oil companies have reaped over $1 trillion in profits. that's trillion with a t. $1 trillion in profits. and while they're making that massive, massive profit, they nevertheless pull strings in congress to keep billions of dollars a year that regular taxpayers have to cough up for them in tax giveaways. as with all of the elements in this bill, repealing big-oil giveaways is something we should be doing anyway just because it's the r
and it would also cut the deficit by $71 billion. another loophole the so-called edwards-gingrich loophole, lets high-earning professionals dodge paying payroll taxes by calling themselves corporations. we close that, too, saving another $9 billion. we save another $3 billion by going after a deduction that allows private jet owners to depreciate their planes faster than commercial aircraft are allowed to be depreciated. another commonsense change. the fourth part of the proposal would...
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Jul 5, 2013
07/13
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it's a deficit. it's a part of your brain that is not working properly. it is nothing you would wish upon a child and yet in one case after another many the most famous entrepreneurs we know have lived their whole lives with this devastating disorder and if you talk to them they will tell you that they succeeded not in spite of this disorder but because of it. that it taught them something about how to deal with the world and that proved to be incredibly valuable -- valuable in their career. there is something very beautiful about those and very moving about those kinds of stories. i tell a couple of them and it's a beautiful illustration of this sort of paradox i am interested in describing which is very often we learn more from our disadvantages than we do from our advantages. >> malcolm gladwell is there any connection between david and goliath tipping point and outliers? >> i wish there were. i wish there were some grand unfolding narrative so i could argue if he owned one you owned one you had to own them all but i don't think there is. i think they
it's a deficit. it's a part of your brain that is not working properly. it is nothing you would wish upon a child and yet in one case after another many the most famous entrepreneurs we know have lived their whole lives with this devastating disorder and if you talk to them they will tell you that they succeeded not in spite of this disorder but because of it. that it taught them something about how to deal with the world and that proved to be incredibly valuable -- valuable in their career....
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Jan 1, 2013
01/13
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, structural deficits that undermine the soundness of our future finances. in addition, the bill that we considered last night created some additional fiscal cliffs in the very near future, within two months, within march. and one is that it doesn't address the debt ceiling. now, debt ceiling isn't about what we spend, not about the decisions on what we spend, it's whether or not we're going to pay the bill after the spending has been authorized. it's like saying to yourself, you know, when the credit card bill comes, i'm just not going to pay it. because i shouldn't have spent so much money. that's what the debt ceiling is. not to pay the bills you've already incurred. well, what happened the last time that we had this controversy is our national credit rating was diminished and that means when you borrow money, you have to pay more so we shot ourselves in the foot to no purpose. the time to make the decision over what you spend is when you're making the spending decision, not when the bill arrives later. you've already made that commitment. you're already
, structural deficits that undermine the soundness of our future finances. in addition, the bill that we considered last night created some additional fiscal cliffs in the very near future, within two months, within march. and one is that it doesn't address the debt ceiling. now, debt ceiling isn't about what we spend, not about the decisions on what we spend, it's whether or not we're going to pay the bill after the spending has been authorized. it's like saying to yourself, you know, when the...
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Oct 13, 2013
10/13
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and he doesn't do a great job in containing deficits. the highest deficit he had in one year was $487 billion. t the year before he left office, the deficit he had was $167 billion. president obama took office and rammed through, with unanimous democratic support, a stimulus bill that added $1 trillion to the debt of the united states. the biggest single spending bill ever -- every penny of that borrowed, because we didn't have any money be, we were already in debt, so we borrowed $1 trillion to spend all that. and for four consecutive years -- well, really five years now -- we will have averaged over $1 trillion in deficits per year. now we've never been over $500 billion a year before that. $1 trillion is $1,000 billion. so his average in five years is unprecedented. it's stunning. we've never, ever seen such a debt accumulation in such a rapid period of time. i think we need to understand that. our colleagues continue to defend it and still want to spend more, and their budget would spend $1 trillion more, that they voted on and passe
and he doesn't do a great job in containing deficits. the highest deficit he had in one year was $487 billion. t the year before he left office, the deficit he had was $167 billion. president obama took office and rammed through, with unanimous democratic support, a stimulus bill that added $1 trillion to the debt of the united states. the biggest single spending bill ever -- every penny of that borrowed, because we didn't have any money be, we were already in debt, so we borrowed $1 trillion...
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Jan 31, 2013
01/13
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of the deficit. that is a state located on top of our dead. but it is worth reminding ourselves why we are having to do this in the first place. who was it who wrapped up the dead? who was it who racke rack up the deficit? who was it that gave us the biggest deficit of any country, virtually anywhere in the world? it was, it was the government which he supported. >> if the prime minister it agrees the shortage of binging skills our greatest threat, and anticipation rate of women in engineering is scandalously floated willie encourage his colleagues to inspire young people to take on the challenging and well-paying careers in engineering whether graduates or apprentices? >> i will certainly very carefully at the bill that my right honorable friend puts forward. i would say that in these recent data released today, one of the encouraging signs is the number of people studying engineering and computer science has actually gone up quite radically. as an early sign that the steps that have been taken fran
of the deficit. that is a state located on top of our dead. but it is worth reminding ourselves why we are having to do this in the first place. who was it who wrapped up the dead? who was it who racke rack up the deficit? who was it that gave us the biggest deficit of any country, virtually anywhere in the world? it was, it was the government which he supported. >> if the prime minister it agrees the shortage of binging skills our greatest threat, and anticipation rate of women in...
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Oct 13, 2013
10/13
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bush, surpluses turn immediately into deficits. now our colleagues suddenly are deficit hawks. where were they when george w. was putting all this on the credit card? and now they don't want to pay the bills. it's unbelievable. this is not complicated. this is a self-inflicted crisis. you keep the government open. you pay the bills. and through regular order, with my friend, the good senator from alabama and my friend, the great senator also from washington state sitting down, hammering it out, we bring in paul ryan, we bring in the house democrats, and we sit down and through them we get a path forward. everything that is happening now is unnecessary. i want to repeat that. everything that is happening now is unnecessary. 13th take oth day of a shutdown. pain and suffering throughout the country. i've got a community in los angeles. little kids have -- their noses are bleeding, they're sick. they live near some industrial site. e.p.a. said they were getting to. e.p.a. got the message. you're out. we can't help you. we're closed down. 92% furloughed. and you'll notice in all th
bush, surpluses turn immediately into deficits. now our colleagues suddenly are deficit hawks. where were they when george w. was putting all this on the credit card? and now they don't want to pay the bills. it's unbelievable. this is not complicated. this is a self-inflicted crisis. you keep the government open. you pay the bills. and through regular order, with my friend, the good senator from alabama and my friend, the great senator also from washington state sitting down, hammering it out,...
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Oct 16, 2013
10/13
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cutting the budget deficit in half is significant progress. but, madam president, let me make a point that is not made terribly often here on this floor. yes, the deficit is a serious problem. yes, we have got to work on it. but every poll that i have seen, and in my discussions with people in vermont, they say yeah, the deficit is a serious problem, do something about it, but let me tell you, senator sanders, what's a more serious problem, and that is that the middle-class of this country is disappearing, median family income is lower today than it was 24 years ago, real unemployment is 14 -- close to 14%, youth unemployment is somewhere around 20%, african-american youth unemployment is somewhere around 40%. and what the people of america are saying, do something about the economy. make sure that when my kid graduates high school, there will be a job available for him or her. do something about the high cost of college education because i don't want my son or daughter to be leaving school 25 or -- $25,000 or $50,000 in debt. make sure, they
cutting the budget deficit in half is significant progress. but, madam president, let me make a point that is not made terribly often here on this floor. yes, the deficit is a serious problem. yes, we have got to work on it. but every poll that i have seen, and in my discussions with people in vermont, they say yeah, the deficit is a serious problem, do something about it, but let me tell you, senator sanders, what's a more serious problem, and that is that the middle-class of this country is...
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Mar 19, 2013
03/13
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can't we do just 7% for deficit reduction? i thought the deficit was so important. but maybe not when it comes to our friends protecting the interests of the big corporations and the rich. i thank the presiding officer, and i yield the floor. a senator: i suggest the absence of a quorum. the presiding officer: oh, now the clerk will call the roll. quorum call: quorum call: the presiding officer: mr. leader. mr. reid: i would ask unanimous consent that the quorum call be terminated. the presiding officer: without objection. mr. reid: i now ask unanimous consent that at 11:15 a.m. tomorrow, wednesday, march 20, all postcloture tile be expired, the durbin secondary amendment to toomey amendment be withdrawn with no other second-degree amendments the senate will come to order, the senate proceed to vote if relation to the toomey amendment 115, that upon disposition of the toomey amendment, the senate then proceed to vote on the mikulski-shelby substitute amendment, as amended; that upon disposition of the substitute amendment, the senate proceed to the cloture vote on t
can't we do just 7% for deficit reduction? i thought the deficit was so important. but maybe not when it comes to our friends protecting the interests of the big corporations and the rich. i thank the presiding officer, and i yield the floor. a senator: i suggest the absence of a quorum. the presiding officer: oh, now the clerk will call the roll. quorum call: quorum call: the presiding officer: mr. leader. mr. reid: i would ask unanimous consent that the quorum call be terminated. the...
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Jan 1, 2013
01/13
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we still have a deficit issue. we still have a deficit problem. what we tried to establish this morning in this vote, revenue has to be part of every solution on deficit reduction. the other side of the aisle reluctantly, after years of resisting it, came to our side in the early morning hours. that's number one. number two, we need to take an honest look at entitlements. here's what the facts are: social security untouched, unamended, unchanged will make every promised payment for 20 years. you can't say that about any other federal program. 20 years of payments with cost-of-living adjustments every singles year, and on the 21st year, there will be a dropoff of 30% in terms of social security benefits. so we have 20 years. we can wait, we can wait five, ten, or fifteen to do something about it. or maybe this year, 2013. that's i'd like to to. i'm preparing legislation which will call for the creation of a commission, to come up with a plan for 75-year solvency of social security. when you have it and it's been certified to be a valid plan, report
we still have a deficit issue. we still have a deficit problem. what we tried to establish this morning in this vote, revenue has to be part of every solution on deficit reduction. the other side of the aisle reluctantly, after years of resisting it, came to our side in the early morning hours. that's number one. number two, we need to take an honest look at entitlements. here's what the facts are: social security untouched, unamended, unchanged will make every promised payment for 20 years....
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Dec 9, 2013
12/13
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reducing the deficit by closing wasteful tax loopholes and making job-creating investments to spur economic growth. as we close out this year, i hope republicans and democrats can put aside our differences and work together to produce results for the middle class. mr. president, the presiding officer has served in the house. i've served in the house. ii'm fortunate to serve here in the senate. mr. president, when i first came to this body, democrats had their focus on what they thought the foundation of democracy was. the republicans did the same. they thought they knew the right thing to do. but you know, mr. president, we could never get what we wanted. each side couldn't get what they thought was the way it should be. so what did we do? we worked together and came up with compromises to move legislation forward. let's get back to where we were. that's what this body needs. so, i hope we can put aside our differences and work together like we used to. it's also time for republicans to work with us instead of against us to make the landmark health reform bill more workable. i remind my rep
reducing the deficit by closing wasteful tax loopholes and making job-creating investments to spur economic growth. as we close out this year, i hope republicans and democrats can put aside our differences and work together to produce results for the middle class. mr. president, the presiding officer has served in the house. i've served in the house. ii'm fortunate to serve here in the senate. mr. president, when i first came to this body, democrats had their focus on what they thought the...
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Mar 21, 2013
03/13
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managing our deficit in a credible way that will get our deficit under control, it builds on the deficit reductions we've already done, we have already done since we started this debate and simpson-bowles recommendations came out. we have already done $2.4 trillion in deficit reduction, $1.8 trillion in spending reductions, $600 billion in revenues. this is very similar to how the simpson-bowles proposal was made. you have a plausible baseline. i'm not going to get too technical about all this. you're not using smoke and mirrors. you're using a realistic baseline in order to do the deficit reduction. it's achievable. it's doable. it's credible. and you deal with tax expenditures. one more point about tax expenditures, senator coons, because you're exactly right. we have provisions in the spending programs of this country that invest in energy security, and that's subject to sequestration because it's an appropriation bill, but we have provisions in the tax code that gives special breaks to the oil and gas industry. these are expenditures. these are revenues that we're hemorrhaging. they
managing our deficit in a credible way that will get our deficit under control, it builds on the deficit reductions we've already done, we have already done since we started this debate and simpson-bowles recommendations came out. we have already done $2.4 trillion in deficit reduction, $1.8 trillion in spending reductions, $600 billion in revenues. this is very similar to how the simpson-bowles proposal was made. you have a plausible baseline. i'm not going to get too technical about all this....
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Jul 25, 2013
07/13
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billion higher than any pre-obama deficit. mr. president, looking at the big picture, the national public debt now stands at just under $17 trillion, an increase of 60% under president obama. what has been the result of this spending spree, mr. president? taxpayers got more debt, but job seekers didn't get work. compounding our fiscal difficulties, social security and medicare remain on unstable, long-term footing. these programs alone already account for 38% of federal spending, but over the next 25 years, the congressional budget office projects that their share -- that social security and medicare -- of g.d.p. could increase by 40%. according to the trustees of the social security and medicare trust funds, medicare is expected to run out of money in 13 years, and social security will go broke by 2033. saving these essential programs requires presidential leadership. unfortunately, there's been none to speak of. president obama's spending binges have precipitated multiple budget showdowns and, as a result, mr. president, the
billion higher than any pre-obama deficit. mr. president, looking at the big picture, the national public debt now stands at just under $17 trillion, an increase of 60% under president obama. what has been the result of this spending spree, mr. president? taxpayers got more debt, but job seekers didn't get work. compounding our fiscal difficulties, social security and medicare remain on unstable, long-term footing. these programs alone already account for 38% of federal spending, but over the...
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Sep 19, 2013
09/13
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and these loopholes shouldn't exist even if there were no deficit. we should close these loopholes on principle. they are blatantly unfair and we should end them regardless of our deficit, regardless whether sequestration is in effect. but surely, at a time when sequestration is harming families, national security, life saving research, students and seniors, we should close these loopholes and dedicate the revenue to ending sequestration. the bill is supported by a wide array of business and public interest groups including the public thrans tearns coalition, so-called fact coalition, americans for tax fairness, citizens for tax justice, the afl-cio, the everyone eiu, the sustainable business council, business for shared prosperity, the south carolina small business chamber of commerce, friends of the earth, new rules for global finance, u.s. public interest research group, global financial integrity, jubilee u.s. network and public citizen. frank napp, the president and c.e.o. of the south carolina small business chamber of commerce explained his sm
and these loopholes shouldn't exist even if there were no deficit. we should close these loopholes on principle. they are blatantly unfair and we should end them regardless of our deficit, regardless whether sequestration is in effect. but surely, at a time when sequestration is harming families, national security, life saving research, students and seniors, we should close these loopholes and dedicate the revenue to ending sequestration. the bill is supported by a wide array of business and...
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Nov 21, 2013
11/13
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allowing the deficits to be even higher. in 2014, the deficit reached $680 billion. in 2014 it's estimated to go up to -- i'm sorry $750,000 -- i'm sorry, billion dollars. i should -- should congress choose to ignore the b.c.a. we'll find ourselves even deeper in the red. in fact, some across the aisle have indicated that they want to spend a whopping $91 billion more than the b.c.a. mandates in 2014 alone. instead of offering smart spending cuts to eliminate waste and prioritizing funds, many are compiling a list of their favorite tax hikes to replace the sequester. mr. president, that action fails to recognize one simple point, a point i made on the floor last week, and one that i will make over and over again. washington has a spending problem, not a revenue problem. in fact, 2013 set a record for the most taxes ever collected. $2.77 trillion, a 13% increase from 2013. yet some of my colleagues want taxpayers to shoulder the burden of their plans to increase federal spending. while the b.c.a. has proved to help to moderate the federal budget -- the federal budget'
allowing the deficits to be even higher. in 2014, the deficit reached $680 billion. in 2014 it's estimated to go up to -- i'm sorry $750,000 -- i'm sorry, billion dollars. i should -- should congress choose to ignore the b.c.a. we'll find ourselves even deeper in the red. in fact, some across the aisle have indicated that they want to spend a whopping $91 billion more than the b.c.a. mandates in 2014 alone. instead of offering smart spending cuts to eliminate waste and prioritizing funds, many...
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Oct 5, 2013
10/13
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talking about growing the economy, because that ultimately is the best way to reduce the deficit. now, you can't expect, as the speaker implied in his sort of citing, well, every time we do one of these deficit -- debt ceilings, we have some revenue, et cetera. that's not going to be the case from what i sense from the other side. so we have i think a real challenge before us. and the challenge is that there seems to be this blaise attitude in some respects, particularly on the house among certain of their members that, "so what? we default?" well, other countries have defaulted and they've seen the consequences. we saw something like it in august of 2011. but greece, for example -- and it's very difficult to compare the two economies. and i don't want to suggest that our experience will be -- mimic their experience. it's a much smaller economy. it does not have an independent currency. it is tied to the euro. but their debt in 2012 was basically challenged. the international swaps and derivative association determined that they had technically defaulted on their sovereign debt. t
talking about growing the economy, because that ultimately is the best way to reduce the deficit. now, you can't expect, as the speaker implied in his sort of citing, well, every time we do one of these deficit -- debt ceilings, we have some revenue, et cetera. that's not going to be the case from what i sense from the other side. so we have i think a real challenge before us. and the challenge is that there seems to be this blaise attitude in some respects, particularly on the house among...
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Jun 24, 2013
06/13
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fewer illegal immigrants, higher g.d.p., more jobs, reduce deficit. who could oppose that? i don't know of anybody, madam president, if they care about america. and so once again, on the border stuff, my colleagues just won't take yes for an answer. this is is the toughest, strongest, most expensive border provision that we have had. it is augmented, of course, by the entry-exit system and the everify which my good friend from alabama has been calling for for a long time. illegal immigration will drop dramatically. g.d.p. will go up, jobs will go up and the deficit will go down. pass this amendment and pass this bill. it's good for america. i yield the floor. mr. leahy: madam president? the presiding officer: the senator from vermont. mr. leahy: madam president, at 5:30 today, the senate is going to vote on the modification to the leahy amendment, which is the package put together by senators hoeven and corker. and the distinguished senior senator from new york, who has led the so-called gang of eight in putting together this bill is on the floor and has just spoken, as has
fewer illegal immigrants, higher g.d.p., more jobs, reduce deficit. who could oppose that? i don't know of anybody, madam president, if they care about america. and so once again, on the border stuff, my colleagues just won't take yes for an answer. this is is the toughest, strongest, most expensive border provision that we have had. it is augmented, of course, by the entry-exit system and the everify which my good friend from alabama has been calling for for a long time. illegal immigration...
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Jan 1, 2013
01/13
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dropping being squeezed every year by my conservative friends on the other side of the aisle, with deficits remaining high, every dollar of sacrifice that the wealthy forego is sacrifice that we will later be asking of real middle-class, modest-income americans. every dollar that the top 2% of taxpayers do not pay under this deal, we will eventually ask folks of modest means to foreg forego -- to forego in social security or medicare or medicaid or head start benefits or other items that benefit the real middle class. i believe it is gravely shortsighted to look at these issues in isolation from each other, especially since the republicans have made crystal clear they intend to seek mandatory spending cuts just two months from now using the debt limit as leverage. so number three, why in this deal do we make the tax benefits for the rich permanent while the progressive tax benefits we put in place in 2009 to help people of modest means, why are those temporary? for example, the estate taxes that benefit the wealthiest are made permanent. the earned income tax credit that affects the lower i
dropping being squeezed every year by my conservative friends on the other side of the aisle, with deficits remaining high, every dollar of sacrifice that the wealthy forego is sacrifice that we will later be asking of real middle-class, modest-income americans. every dollar that the top 2% of taxpayers do not pay under this deal, we will eventually ask folks of modest means to foreg forego -- to forego in social security or medicare or medicaid or head start benefits or other items that...
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Mar 14, 2013
03/13
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it does not reduce the deficit and 10 years. we don't post it because i'm medicare and got programs that help the middle class and turned around to give huge tax breaks to millionaires, that's a value choice. congressman ryan is also claiming a different kind of balance. he says by 2023, his plan will bring outlays and revenues into total balance and reduce annual deficits to zero. what hasn't been focused on his that's just not sure. what is budget truly achieve balance? only if you believe in magic. the trick is congressman ryan's fiscal plan relies on a lot of budgetary sleight of hand in order to create the illusion of a balanced budget. the document is filled with deceptive gimmicks, far-fetched assumptions and tony arithmetic. there is a report called paul ryan's hocus-pocus budget. the house gop magic tricks that create the optical illusion of a balanced budget. a month of magic tricks ryan performs, presto come he proposes more than 4.5 million -- trillion in tax cuts for wealthiest americans get claims this one into the
it does not reduce the deficit and 10 years. we don't post it because i'm medicare and got programs that help the middle class and turned around to give huge tax breaks to millionaires, that's a value choice. congressman ryan is also claiming a different kind of balance. he says by 2023, his plan will bring outlays and revenues into total balance and reduce annual deficits to zero. what hasn't been focused on his that's just not sure. what is budget truly achieve balance? only if you believe in...
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Mar 10, 2013
03/13
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it's contrary or contradictory to be concerned about the budget deficit when you take steps to have a negative effect on the economy. how much would it take effect? >> an excellent question. and of course, you create jobs by growing the economy. and you have to not only grow the economy. you need to stabilize it. you can't have the situation we're in where the interest rates are right in the basement, and as someone said, you can't jump out of the basement. that is as low as it is. and if people stop trusting u.s. treasuries, the $16 trillion of debt we have out there interest rates are i going to skyrocket. interest payments will go up annually, potentially by hundreds of billions of dollars, we would have more deficit. there would be less trust. you wrecked the government's role in the economy. those are my secret notes i'm going pick them up. [laughter] so so you to stabilize that. and you have to figure out a way to get the economy to grow. and that's a long-term proposition, which will lead to more jobs. but you're right, there's contradiction in all of this. but in trying to cre
it's contrary or contradictory to be concerned about the budget deficit when you take steps to have a negative effect on the economy. how much would it take effect? >> an excellent question. and of course, you create jobs by growing the economy. and you have to not only grow the economy. you need to stabilize it. you can't have the situation we're in where the interest rates are right in the basement, and as someone said, you can't jump out of the basement. that is as low as it is. and if...
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Feb 28, 2013
02/13
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how about jobs deficit? the deficit in the investment in our infrastructure. the deficit in our investment in a strong, growing middle class. so what we need is an approach to the budget that addresses all of these. reducing budget deficits, yes, but doing it in a way that allows us to strengthen the middle class and lay the foundation for future economic growth. we also need to look at the demographic trajectory of our country as well as the challenges posed by globalization. our nation is growing older, with the retirement of the baby boomers this will dramatically increase government costs for health care and other services. we're also now in a global economy competing not only in manufacturing, but also in a growing range of services, from telemarketing to the reading of medical m.r.i.'s. if we're to compete successfully and keep quality jobs here in the u.s., we need to invest robustly both in a 21st century infrastructure as well as in a system of education and training that equips our young people and workers for the jobs of the future. so in this broad
how about jobs deficit? the deficit in the investment in our infrastructure. the deficit in our investment in a strong, growing middle class. so what we need is an approach to the budget that addresses all of these. reducing budget deficits, yes, but doing it in a way that allows us to strengthen the middle class and lay the foundation for future economic growth. we also need to look at the demographic trajectory of our country as well as the challenges posed by globalization. our nation is...
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Mar 20, 2013
03/13
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new deficit reduction, for a total of $4.25 trillion in deficit reduction since the simpson-bowles report. it reduces the deficit to below 3% of g.d.p. by 2015 and keeps it well below that level for the rest of the ten-year window in a responsible way, and it pushes our debt as a percentage of the economy down and moving in the right direction. mr. president, our budget tackles this issue the way the american people have consistently said they want it done, with an equal mick of responsible spending cuts made across the federal budget and new revenue raised by closing loopholes and cutting wasteful breaks that primarily benefit the rich. this budget cuts spending responsibly by $975 billion, and we make some tough choices to get there. we think every program, including the ones that we know are important, need to be wringing out waste, trimming fat and reducing cost to taxpayers. so $500 billion of our deficit reduction comes from responsible savings on the domestic spending side, including $275 billion in health care savings made in a way that doesn't harm our seniors or our families. we
new deficit reduction, for a total of $4.25 trillion in deficit reduction since the simpson-bowles report. it reduces the deficit to below 3% of g.d.p. by 2015 and keeps it well below that level for the rest of the ten-year window in a responsible way, and it pushes our debt as a percentage of the economy down and moving in the right direction. mr. president, our budget tackles this issue the way the american people have consistently said they want it done, with an equal mick of responsible...
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Apr 11, 2013
04/13
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the president's budget increases the deficit significantly on current law. we move in opposite direction to balance in a ten-year period of time. it increases taxes. we not increase taxes. that's hardly meeting republicans halfway. as the chairman said, it's wonderful rhetoric, but it's simply not true. is it? >> well, the -- i'm forwarding the comprise offer which includes $1.8 trillion in deficit reduction. cpi which is something the president would not. it's in speaker bainers' request. the president is willing to do that as a part of a deal as long as we have the conditions i mentioned earlier. >> it's an important point. that is absolutely critical we understand that $1.8 trillion is a comprised offer. >> it's an important point. cpi is not what we would select as a solution for the challenges that we face. >> the president's -- what he thinks we would like. >> it's something speaker -- baner and leader mcconnell asked several times. and you asked for the medicare age raised from 67 to 65. it's something the president is not willing to do. >> my last th
the president's budget increases the deficit significantly on current law. we move in opposite direction to balance in a ten-year period of time. it increases taxes. we not increase taxes. that's hardly meeting republicans halfway. as the chairman said, it's wonderful rhetoric, but it's simply not true. is it? >> well, the -- i'm forwarding the comprise offer which includes $1.8 trillion in deficit reduction. cpi which is something the president would not. it's in speaker bainers'...
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Mar 22, 2013
03/13
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they now claim their budget would eliminate the deficit in 2023. and house budget committee chairman paul ryan has even said that it doesn't really matter how their budget eliminates the deficit. mr. president, americans across our country who will feel the impact of the choices we make in the coming weeks and months feel that it does matter. so while some of my republican colleagues would probably prefer not to hear about it, i think that the impact of the house republican budget is a crucial part of this debate, and we owe it to the american people to put our opinions on the record. now we've come a long way, mr. president, but there are still far too many americans today who are unemployed or underemployed, which is why our senate budget's first priority is boosting our economic recovery. speaker boehner has actually agreed with president obama that our debt does not present -- quote -- "an immediate crisis." so you might think the house budget would phase in cuts responsibly so we can protect our fragile recovery. well, instead the house republ
they now claim their budget would eliminate the deficit in 2023. and house budget committee chairman paul ryan has even said that it doesn't really matter how their budget eliminates the deficit. mr. president, americans across our country who will feel the impact of the choices we make in the coming weeks and months feel that it does matter. so while some of my republican colleagues would probably prefer not to hear about it, i think that the impact of the house republican budget is a crucial...
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Jun 26, 2013
06/13
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it tells us that on the deficit, we're going to reduce the deficit. going to reduce the deficit by, i think i got the wrong chart here. let me look. it's going to reduce -- this is actually taxes paid. but we had a chart but basically here's what it says. it's going to reduce the deficit by $197 billion over the first ten years. $197 billion over the first ten years. an additional $700 billion over the second ten years. that's $900 billion of deficit reduction, nearly $1 trillion of deficit reduction as a result of this legislation, deficit reduction that is critical for the nation's economic growth, prosperity and to make sure the next generation doesn't bear that burden. that's what we get according to the congressional budget office, for achieving passage of this legislation and ultimately moving it into law. and then the report went on to say that revenue will come in a whole host of ways, in payroll taxes, in income taxes, fees, fines estimated to be about $459 billion in the first ten years, $1.5 trillion in the second ten years. and it also fou
it tells us that on the deficit, we're going to reduce the deficit. going to reduce the deficit by, i think i got the wrong chart here. let me look. it's going to reduce -- this is actually taxes paid. but we had a chart but basically here's what it says. it's going to reduce the deficit by $197 billion over the first ten years. $197 billion over the first ten years. an additional $700 billion over the second ten years. that's $900 billion of deficit reduction, nearly $1 trillion of deficit...
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Jul 18, 2013
07/13
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i could think of a lot better ways to make money to help us with the deficit than by forcing low and moderate income parents and students to be paying more than they should be paying. if we want to do deficit reduction, maybe we ask the one out of four corporations in america that pays nothing in taxes to start paying their fair share of taxes. may we address growing wealth and income in equality in a way that brings us more revenue. but it is almost a form of regressive taxation to say to low and moderate income students and families you want to go to college, you want to make something of yourself, you want to make it into the middle class, you want to help make our nation more competitive and in a ten-year period, we're going to make $180 billion in profits off of your desire to go to college. i think that that is wrong. i would point out, madam president, that if you look around the world in an increasingly competitive global economy, what you find is that we are at the very bottom in terms of the kind of support we give our young people and their families in terms of going to co
i could think of a lot better ways to make money to help us with the deficit than by forcing low and moderate income parents and students to be paying more than they should be paying. if we want to do deficit reduction, maybe we ask the one out of four corporations in america that pays nothing in taxes to start paying their fair share of taxes. may we address growing wealth and income in equality in a way that brings us more revenue. but it is almost a form of regressive taxation to say to low...
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Oct 17, 2013
10/13
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the innovation deficit long term is just as important as the budget deficit. but what is says is we will lose our advantage and someone else will give which will then determine economic success in the future. we just won a bunch of nobel prizes this weekend last. most of those prizes, as has been the case for some time now, are awarded to american researchers and frankly to researchers born in other countries pinot work at our universities. how much longer is that going to go on if we continue the innovation deficit and is investing in research and other countries that have seen as their long-term goal. we need to fix this problem and fix it quickly and stop the crisis management and get on to thinking about the long-term investments, the only thing that will lead to long-term success for this country. thank you. the president and ceo of research america. >> thank you. everyone who has spoken already. research america is an alliance of patient groups, academic institutions, business and industry, and scientific and medical societies. well over 100 million amer
the innovation deficit long term is just as important as the budget deficit. but what is says is we will lose our advantage and someone else will give which will then determine economic success in the future. we just won a bunch of nobel prizes this weekend last. most of those prizes, as has been the case for some time now, are awarded to american researchers and frankly to researchers born in other countries pinot work at our universities. how much longer is that going to go on if we continue...
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Oct 8, 2013
10/13
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already agreed to $2.5 interest of that in deficit reduction over the next ten years. over half of that has already been achieved. when my friends on the other side of the aisle act as if nothing is happening, i first have to say the deficit has been cut in half. and secondly, that over half of our long-term goal on the debt has been achieved. and we need to keep going. now, we don't need to shut the government down to do that. we don't need to default on our debts of the greatest country in the world to do that. we need to just work together to do that, which is why we would say that we just need to open the government, pay our bills and continue to negotiate. let's negotiate. but it is a continuation of negotiating. because in fact weakening the full faith and credit of the united states of america -- think about that. the greatest country in the world. the full faith and credit of the united states of america, that's been the highest standard in the world when you say the full faith and credit of the united states of america. and right now there are folks playing ru
already agreed to $2.5 interest of that in deficit reduction over the next ten years. over half of that has already been achieved. when my friends on the other side of the aisle act as if nothing is happening, i first have to say the deficit has been cut in half. and secondly, that over half of our long-term goal on the debt has been achieved. and we need to keep going. now, we don't need to shut the government down to do that. we don't need to default on our debts of the greatest country in...
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Jan 2, 2013
01/13
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since 1980, our national debt has doubled, our national operating deficit has tripled, our trade deficit has increased sixfold and we've become a debtor nation for the first time in 71 years. we can do better. we must do better. and we will do better if we have the courage and leadership to move this country in a new direction. current economic policies which have increased the national debt in five years by an amount that had taken 200 years to accumulate have forced record high real interest rates. those record high real interest rates have bloated the value of the american dollar which, in turn, has put a hidden tax on every commodity exported by our state and nation. that hidden tax has robbed us of our export markets and dramatically reduced our commodity values. those economic policies are not only devastating to the economy of the state of north dakota but are rapidly exploiting the economic strength of our country. this process must be stopped i said in the next paragraph and ao*eupl end here and put the statement in the record. it is time to stop posturing and start guaranteeing
since 1980, our national debt has doubled, our national operating deficit has tripled, our trade deficit has increased sixfold and we've become a debtor nation for the first time in 71 years. we can do better. we must do better. and we will do better if we have the courage and leadership to move this country in a new direction. current economic policies which have increased the national debt in five years by an amount that had taken 200 years to accumulate have forced record high real interest...
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Oct 10, 2013
10/13
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i would make one comment briefly on the trajectory of our deficit. when the president took office in january of 2009 we were in the middle of the worst recession since the great depression, in the middle of two wars and added deficit that was 9% of our economy. we have cut that in half and we are making progress. we have more to do but i don't think it is fair to say the we are in the same place we were. we have made tremendous progress. >> thank you, mr. chairman. it seems to me in the event of a default or near default, the dominoes are going to fall fast and hard and those here early on will be older people who depend on their own retirement savings to get by. these are the older people who saw much of their life savings evaporates during the recession and are struggling just to get those private savings in effect back to the water line where they are. be as specific as you can with respect to what default or near default would mean for those seniors who depend on their private savings? >> i can only begin to imagine what it would mean to a retire
i would make one comment briefly on the trajectory of our deficit. when the president took office in january of 2009 we were in the middle of the worst recession since the great depression, in the middle of two wars and added deficit that was 9% of our economy. we have cut that in half and we are making progress. we have more to do but i don't think it is fair to say the we are in the same place we were. we have made tremendous progress. >> thank you, mr. chairman. it seems to me in the...
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Jan 23, 2013
01/13
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and reduce our deficit. then he went on to say on february 15 at the budget committee hearing -- quote -- "-- i think this was my question, was this accurate statement that you made, mr. mr. onchltd m.b. director. he said "it's an accurate statement that our current spending will not increase the debt. we've stopped spending money we don't have." i mean i almost can't read those words without the hair standing up on the back of my neck. the director of the office of management and budget appeared before the united states senate budget committee and he said it's an accurate statement, this, baloney, is an accurate statement that our current spending will not be increasing the debt, we've stopped spending money we don't have. nothing could be further -- the lowest single deficit was $600 billion. what about on a different cnn interview on february 14, -- quote -- "it, the budget, takes real actions now so that between now and five years from now we can get our deficit under control so that we can stabilize thi
and reduce our deficit. then he went on to say on february 15 at the budget committee hearing -- quote -- "-- i think this was my question, was this accurate statement that you made, mr. mr. onchltd m.b. director. he said "it's an accurate statement that our current spending will not increase the debt. we've stopped spending money we don't have." i mean i almost can't read those words without the hair standing up on the back of my neck. the director of the office of management...
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Sep 12, 2013
09/13
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another important part of our plan for jobs is has i have deficit and debt. it's hurting our economy and jeopardizing the american dream for our kids and grand kids. yesterday i met with jack lou, the treasury secretary, and this morning leader reid and bepelosi and leader mcconnell. my message was the same at both meetings. i reminded them for decades, the white house, the congress have used the debt limit that defined bipartisan solution on the deficit and the debt. these type of changes were signed in to law by presidents reagan, bush, clinton, and president obama himself two years ago. president obama is going have to deal with this as well. it's really no different. you can't about it increasing the debt limit unless you're willing to make changes reforms that begin to solve the spending problem that washington has. unless we deal with our spending problem honestly and forth rightly, the american dream would be out of the reach of our kids and grand kids. i think our members are ready to solve the problem. we shown leadership and passed a balanced budget
another important part of our plan for jobs is has i have deficit and debt. it's hurting our economy and jeopardizing the american dream for our kids and grand kids. yesterday i met with jack lou, the treasury secretary, and this morning leader reid and bepelosi and leader mcconnell. my message was the same at both meetings. i reminded them for decades, the white house, the congress have used the debt limit that defined bipartisan solution on the deficit and the debt. these type of changes were...
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Nov 6, 2013
11/13
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secondly, the deficit has been now cut in half and we build on $2.5 trillion deficit redpux we passed now since 2011 to continue to tackle this challenge fairly and responsibly. third, our budget keeps the promise we have made to our seniors, families and communities. the budget that passed the house reflects different values and priorities. but it was our job to get in a room, make some comprises with them, and find a way to bring those two budgets together. a lot i have hoped we could start this bipartisan budget negotiations far sooner and avoid last month's crisis. the budget conference that now has begun started last week offers us now the opportunity to break this cycle of gridlock and dysfunction and start moving our country back in the right direction. we have a chance now to turn our attention back to where it belongs. strengthening our economy and creating jobs. continue making responsible spending cuts while closing wasteful tax loopholes that are used by the wealthiest americans and biggest cooperation. and show the american people that congress can work together. we can c
secondly, the deficit has been now cut in half and we build on $2.5 trillion deficit redpux we passed now since 2011 to continue to tackle this challenge fairly and responsibly. third, our budget keeps the promise we have made to our seniors, families and communities. the budget that passed the house reflects different values and priorities. but it was our job to get in a room, make some comprises with them, and find a way to bring those two budgets together. a lot i have hoped we could start...
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Oct 15, 2013
10/13
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>> caller: yes, the deficit. i think we need to cut the deficit. cut spending and raise taxes. but two republicans are raising taxes, and the other side is to cut spending. and i guess i am a minority there. and i'm talking and i appreciate listening to your guests. >> guest: if we can't make him a centrist, this is going to work. what i want to do is give him a party that he would be excited about. one is exactly right about. most of america goes to the general election and they say that they're going to hold their nose. they are going to say what the other guy said, doesn't bother me more, so the republican here, i'm going to pretend and i can't put words in his mouth, i'm going to ignore their view on gay marriage because the budgets it and trim budget deficit matters most. and then you're going to say i care a lot about this and i'm going to ignore the teachers unions. so everyone is ignoring something. i thought he said it beautifully. the idea is that dirty talk about the fiscal situation that we will start with simpson-bowles. we feel that the candidate that would go to
>> caller: yes, the deficit. i think we need to cut the deficit. cut spending and raise taxes. but two republicans are raising taxes, and the other side is to cut spending. and i guess i am a minority there. and i'm talking and i appreciate listening to your guests. >> guest: if we can't make him a centrist, this is going to work. what i want to do is give him a party that he would be excited about. one is exactly right about. most of america goes to the general election and they...
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Nov 21, 2013
11/13
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deficit. for countries in asia, it means shifting the focus from overseas markets to strengthening their domestic sources of demand. our foremost economic goal in the region is concluding negotiations for the transpacific partnership and achieving congressional approval. the 12 nations that are part of the ttp negotiations represents more than 40% of global trade. so the rules we establish through this agreement will set the standard for future trade agreements. it will take on unfair practices by state-owned enterprises and the regulatory barriers goods encounter at him behind borders. this will help level the playing field for everyone. the ttp will promote workers rights, environmental protections and build stronger safeguards for intellectual property, improving economic conditions for everyone, not just a few. we welcome any nation that is willing to live up to the high standards of this agreement to join and share the benefits of ttp and that includes china. the ttp can be the core of a
deficit. for countries in asia, it means shifting the focus from overseas markets to strengthening their domestic sources of demand. our foremost economic goal in the region is concluding negotiations for the transpacific partnership and achieving congressional approval. the 12 nations that are part of the ttp negotiations represents more than 40% of global trade. so the rules we establish through this agreement will set the standard for future trade agreements. it will take on unfair practices...
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Aug 1, 2013
08/13
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doesn't do anything on the deficit. i don't think he cares one iota about the deficit. and i think that's the biggest problem. you have a big effort in bipartisan policy center has been leaders in this but i can't let you for it. our friends alan simpson and erskine bowles have been doing fantastic work. big people looking at this in a big macro sense saying we can't continue with the outlook with explosion of a lot of entitlements in the out years because demographics primary the we're all getting old and we're all going to be on these benefits and will not be as many people contributing. so the outlays is not really sustainable. the deficit are not sustainable in the longer. the president has provided new leadership and we've had very little leadership from the congress. and that's very regrettable. and so it curtails of the ability to do significant deficit reduction it certainly curtails, didn't have a budget for three or four years. unlikely, i hope they get it budget conference agreement deal done towards the end of the year, but they're a long way apart. today, h
doesn't do anything on the deficit. i don't think he cares one iota about the deficit. and i think that's the biggest problem. you have a big effort in bipartisan policy center has been leaders in this but i can't let you for it. our friends alan simpson and erskine bowles have been doing fantastic work. big people looking at this in a big macro sense saying we can't continue with the outlook with explosion of a lot of entitlements in the out years because demographics primary the we're all...
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Mar 11, 2013
03/13
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this is the way i think economists tend to think about the deficit, how large is the deficit relative to the size of the economy? and you can see that the federal budget deficit as a share of g,p has already fallen by 3.1 percentage points over the past three years. this is the fastest three-year pace of deficit reduction since the late 1940s, as you can see on this chart. and this next chart shows cbo's projections under current law, and this shows that the deficit will continue to fall at its fastest postwar pace this year and next year and then after bottoming in 2015, slowly rise to about 3.8% of gdp by 2022. now, the cbo projection is under current law which includes the she questions -- sequester. this path of very rapid deficit reduction over the next couple of years inflicts near-term pain to the recovery and to american families, but it does not stabilize our finances. the to stabilize the debt relative to the size of the economy, we need the deficit to fall below 3% and stay there. that is why we set a target of $4 trillion over the next ten years. so we are most of the way
this is the way i think economists tend to think about the deficit, how large is the deficit relative to the size of the economy? and you can see that the federal budget deficit as a share of g,p has already fallen by 3.1 percentage points over the past three years. this is the fastest three-year pace of deficit reduction since the late 1940s, as you can see on this chart. and this next chart shows cbo's projections under current law, and this shows that the deficit will continue to fall at its...
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Oct 10, 2013
10/13
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our deficit is down from about four years ago at $1.4 trillion, last year about, the deficit was about $700 billion. we cut it enough. is that enough? know, it's not enough. we need to do more. but we can't do more and less with the entitlement reform. over half of our spending is an entitlement spending. we can do more of us would generate revenue. the problem here is, the old line in the paul newman movie, we have here is a failure to communicate. i've talked to people all the time. i tell them will have to pay more taxes. they say i don't mind paying more taxes. i don't want you to waste my money. that's what they -- i don't want you to waste our money. tom coburn he's to serve in this committee and i introduced legislation called try max. not to hurt the least, to save money and prejudice programs for the law. every one of you has gotten a letter asking to join us as a cosponsor. i hope you read the letter. i hope you will join us. tom coburn and i held a hearing on monday this week, so just get a disability. nobody wants to harm people or disabled. biting huntington, west virginia
our deficit is down from about four years ago at $1.4 trillion, last year about, the deficit was about $700 billion. we cut it enough. is that enough? know, it's not enough. we need to do more. but we can't do more and less with the entitlement reform. over half of our spending is an entitlement spending. we can do more of us would generate revenue. the problem here is, the old line in the paul newman movie, we have here is a failure to communicate. i've talked to people all the time. i tell...
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Jan 23, 2013
01/13
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we're running trillion dollar deficits. and for what would be the fifth straight year and the reality is s&p is downgraded us. they have sent the downgrade possibility sent notice. and we're still acting as if it's still 1995 or 2000 where we aren't running trillion dollar deficits. and but -- i hope it's not the case, but if in the meantime with all of these games as we move around the messaging and try to figure out resequencing and everything. if moon anies follows through the threat that america is not a credit rating -- worthy of aaa credit rating. that's the serious reality. you have the political reality and the economic real fip i hope it doesn't happen. i don't know how long question continue 0 to go on. i don't think we have ten years to actually somehow find a path to balance. i think we need move more quickly. but originally i was asked the question i think rob is there a 10-year balance budget proposal in there? i don't know the answer to that. i'm not for sure. we don't have the numbers from the cbo. i think o
we're running trillion dollar deficits. and for what would be the fifth straight year and the reality is s&p is downgraded us. they have sent the downgrade possibility sent notice. and we're still acting as if it's still 1995 or 2000 where we aren't running trillion dollar deficits. and but -- i hope it's not the case, but if in the meantime with all of these games as we move around the messaging and try to figure out resequencing and everything. if moon anies follows through the threat...
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May 23, 2013
05/13
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part of a process that's actually led to deficit reduction. we need to put the entire budget under a microscope, including agriculture, to cut waste and eliminate redundancies. and let me say again, including agriculture, and we have, the bill we have on this floor makes those cuts $24 billion in all, some $6 billion of these cuts come from conservation and not all of those cuts are cuts that i like, but i agreed to them in the package that we were moving forward. we made difficult compromises at the committee level, and now we have a more efficient conservation title as a result that won support from both sides of the aisle. over 650 conservation groups support the conservation title before us, and i would urge my colleagues to support it and to oppose amendments that would weaken the title and undermine the good work of republicans and democrats on the committee. thank you, mr. president. with that, i yield the floor. a senator: mr. president? the presiding officer: the senator from south dakota. mr. thune: mr. president, i rise today to dis
part of a process that's actually led to deficit reduction. we need to put the entire budget under a microscope, including agriculture, to cut waste and eliminate redundancies. and let me say again, including agriculture, and we have, the bill we have on this floor makes those cuts $24 billion in all, some $6 billion of these cuts come from conservation and not all of those cuts are cuts that i like, but i agreed to them in the package that we were moving forward. we made difficult compromises...
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Oct 8, 2013
10/13
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they don't tell people they are voting to add another $109 billion to our deficit. and so then they suggest we repeal just a portion of the affordable care act, but it adds $30 billion to the deficit, they don't want any offsets for that. where are the members in the house who attack appropriations bills, the system of cuts for funding to law enforcement officers and disaster preparedness and medical research? where are the members who insisted the devastating costs of sequestration must remain in place because we simply can't afford it? we have to reduce the deficit at all costs, no matter what it does to law enforcement or medical research or disaster preparedness. they ditch their principles and now they have forced a government shutdown which is costing more than if we had stayed open because of the money wasted. it appears that the only time the house is willing to compromise is when it comes to adding to the deficit in order to prevent access to affordable health insurance for millions of americans. we're here right now because the republican leadership in the
they don't tell people they are voting to add another $109 billion to our deficit. and so then they suggest we repeal just a portion of the affordable care act, but it adds $30 billion to the deficit, they don't want any offsets for that. where are the members in the house who attack appropriations bills, the system of cuts for funding to law enforcement officers and disaster preparedness and medical research? where are the members who insisted the devastating costs of sequestration must remain...
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Feb 12, 2013
02/13
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current account deficits. it's come down along way and is no longer what i regard as on a sustainable course. so i feel that we have made, we have made progress in that regard. let me take a quick pass at a completely different question on negative home equity. i'm not going to get into the question of principal reduction, but we have the federal reserve, has been quite concerned about negative equity, about the lingering problem in the housing sector. and i think i'm as i mentioned in my prepared remarks, negative equity and diminished equity makes it harder for homeowners to gain access to credit come is one of the things that's really a head when to the economy and and is also probably continuing the impact of monitor policy. and we put forward a number of suggestions last year any white paper, and have worked with many groups and other parts of the government to try to think about what can be done. i think the changes that have been made to the h.a.r.p. program to make it easier for households to refinance
current account deficits. it's come down along way and is no longer what i regard as on a sustainable course. so i feel that we have made, we have made progress in that regard. let me take a quick pass at a completely different question on negative home equity. i'm not going to get into the question of principal reduction, but we have the federal reserve, has been quite concerned about negative equity, about the lingering problem in the housing sector. and i think i'm as i mentioned in my...
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Jun 20, 2013
06/13
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how will it impact increasing the deficit or not? the on-budget deficit even before the 30,000 new agents at billions of dollars in costs netted out that it would add $14 billion to the on-budget debt. okay? and so that's negative. it makes the debt more. but then there is the other line, the off budget. now, what is the off budget? well, the off budget is social security and medicare. this is the trust fund money that comes out of your payroll taxes and your -- so people pay payroll taxes. the average age of the legalized group is about 35, so most of them aren't going to be drawing social security right away. they pay in to this, and so the government gets some extra money, and they are counting that money as the money to show that the bill is paid for. but let me ask you one simple thing, senator cornyn. if the individuals who are now given legal status are immediately given a social security number, immediately able to compete for any job in america, aren't they -- isn't the money that they will be paying for social security and
how will it impact increasing the deficit or not? the on-budget deficit even before the 30,000 new agents at billions of dollars in costs netted out that it would add $14 billion to the on-budget debt. okay? and so that's negative. it makes the debt more. but then there is the other line, the off budget. now, what is the off budget? well, the off budget is social security and medicare. this is the trust fund money that comes out of your payroll taxes and your -- so people pay payroll taxes. the...
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Mar 12, 2013
03/13
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we believe it's critical we stablize the deficit. it will take more of the accounting gimmicks to achieve real debt reduction and at the time when corporations are making record and american income continues to rise. the deficit income shouldn't be at the middle class families, senior citizens, and the poor. democrats and independents, and republicans. they want a fair -- deficit reduction that makes sensible cut as profitable corporations to share the burden balance. that's why this budget committee chair patty murray budget that reflects the priority. her plan, the democrat plan will cut wasteless spending and invest in what the economy needs to go really hard to continue to build to grow and encourage a strong middle class. paul ryan and the republican colleagues in congress are taking different approach. it makes it plain. the budget will once again put noun special interest ahead of middle class families and. and no amount of rebranding will hide that, mr. president. >>> those remarks took place earlier today on the senate floor
we believe it's critical we stablize the deficit. it will take more of the accounting gimmicks to achieve real debt reduction and at the time when corporations are making record and american income continues to rise. the deficit income shouldn't be at the middle class families, senior citizens, and the poor. democrats and independents, and republicans. they want a fair -- deficit reduction that makes sensible cut as profitable corporations to share the burden balance. that's why this budget...
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Nov 14, 2013
11/13
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not a penny of tax loopholes can go for deficit reduction. now, they've said they're willing to move the treasure around a little bit in ali baba's cave as long as it still gets used for corporations and the wealthy. that's not a guess, by the way. that is the way the republican budget ^+budget is structured. that's their budget numbers. awful it to lower -- all of it to lower tax rates for corporations and the rich. they're willing to spread the wealth around, as long as it stays in the same hands. we're at the gates of ali baba's cave, this special treasure-trove of earmarks for the rich and connected. we're at that place where the lobbyistists queel the special x deals. we're knocking on the door of tax spending that has been completely untouched, completely untouched in the deficit reduction so far. and our republican colleagues are getting a little twitchy. come on, fellahs. out of nearly $14 trillion in tax spending and earmarks, can't we put just 7% of it, just 7% of it toward the debt and the deficit? our proposal is to leave 93% of t
not a penny of tax loopholes can go for deficit reduction. now, they've said they're willing to move the treasure around a little bit in ali baba's cave as long as it still gets used for corporations and the wealthy. that's not a guess, by the way. that is the way the republican budget ^+budget is structured. that's their budget numbers. awful it to lower -- all of it to lower tax rates for corporations and the rich. they're willing to spread the wealth around, as long as it stays in the same...
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Feb 13, 2013
02/13
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not to reduce the deficit. that's what history shows us. it's how we got into this mess in the first place. we're not going to play the washington game. the stakes for american families are too high to keep taking the easy way out with more taxes and more wasteful spending. republicans believe taking on this massive burden of debt should be more important in this town than winning the next election. that's why we need sequence reforms like a balanced budget amendment, all republicans support it and democrats should too. we won't get anywhere as a nation if the president refuses to lead. we just can't. the question is: will he lead? will he lead? or will he continue this endless, endless campaign snowe now i want to end on a positive note. i want to point out there were areas of agreement last night and i particularly appreciated the president's reference to burma. and senator rubio did a great job with the republican address. i hope the president will actually listen to some of the things senator rubio said, and i hope he'll come back to co
not to reduce the deficit. that's what history shows us. it's how we got into this mess in the first place. we're not going to play the washington game. the stakes for american families are too high to keep taking the easy way out with more taxes and more wasteful spending. republicans believe taking on this massive burden of debt should be more important in this town than winning the next election. that's why we need sequence reforms like a balanced budget amendment, all republicans support it...
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Dec 19, 2013
12/13
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look, deficits are the cause of
look, deficits are the cause of
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Feb 28, 2013
02/13
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this together puts us $2.4 trillion in deficit reduction toward our goal of $4 trillion in total deficit reduction that most economists agree is needed to stabilize our budget. but notice in the balance between spending cuts and new revenues, spending cuts are ahead by a trillion dollars. the ranking member of the budget committee said that president obama believes no spending cuts, even wasteful spending cuts, should be -- i need my glasses to read the word -- should be cut. no spending, even wasteful spending, should be cut. that's what he said. and he's a trillion dollars ahead on spending versus revenues. we've cut $7 of spending for every $3 of revenue, even though right now government revenue, united states government revenue, is at its lowest percentage of g.d.p. in more than 50 years, more than half a century. and our proposal going forward is 50-50, spending cuts and revenues. so let's not pretend that we're immune to or allergic to spending cuts. there have been more spending cuts than new revenues. we've tried to find a balanced approach. and so far, in this $2.4 trillion, we
this together puts us $2.4 trillion in deficit reduction toward our goal of $4 trillion in total deficit reduction that most economists agree is needed to stabilize our budget. but notice in the balance between spending cuts and new revenues, spending cuts are ahead by a trillion dollars. the ranking member of the budget committee said that president obama believes no spending cuts, even wasteful spending cuts, should be -- i need my glasses to read the word -- should be cut. no spending, even...
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Jun 24, 2013
06/13
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and you've done it from a deficit of knowledge rather than using knowledge. you didn't use any of the significant historical staff on the committee of jurisdiction to help write this legislation. the institutional knowledge is not in it. it will not succeed. i don't know ultimately how a vote on this amendment but i'm certainly not going to sroed proceed to this until we've had a chance, nor than 72 hours to work through and be able to ascertain and also share the flaws in the approach. for a third that amount of money you could easily secure the border. we're going to spend $48 billion, and in there is another jobs program adding to the 102 we have now at $1.53. g.a.o. has already said we need to redo our jobs program. we have. we have an earmark for another youth jobs program and we won't even fix the youth jobs programs we have now. madam chair woman -- madam president, i've been handed a note that others want to speak and so i will yield the floor at this time. mr. schumer: madam chair, what is the status in terms of time that's left for each side? the pr
and you've done it from a deficit of knowledge rather than using knowledge. you didn't use any of the significant historical staff on the committee of jurisdiction to help write this legislation. the institutional knowledge is not in it. it will not succeed. i don't know ultimately how a vote on this amendment but i'm certainly not going to sroed proceed to this until we've had a chance, nor than 72 hours to work through and be able to ascertain and also share the flaws in the approach. for a...
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Oct 11, 2013
10/13
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deficits have been cut in half. so it can't be about deficits. and the affordable care act is not going to be stopped. so what is this all about? a temper tantrum? a childish way to handle a situation you're not happy about? let me tell you just so republicans who are listening to me know that i have served with five presidents since i came to washington, first as a house member and as a senator then representing the largest state in the union, the most fantastic state in the union, but that's just my personal view, california. five presidents, three republicans, two democrats. obviously, i didn't agree with these presidents all the time. sometimes i really disagreed with them, like over the iraq war and tax breaks for billionaires. both of those added mightily to the deficit. i opposed those. but i accepted the fact that all i could do was work to change things in a democratic way. try to pass legislation on those issues to bring the troops home, to make sure that everyone pays their fair share. i didn't -- i didn't win those issues. and we all
deficits have been cut in half. so it can't be about deficits. and the affordable care act is not going to be stopped. so what is this all about? a temper tantrum? a childish way to handle a situation you're not happy about? let me tell you just so republicans who are listening to me know that i have served with five presidents since i came to washington, first as a house member and as a senator then representing the largest state in the union, the most fantastic state in the union, but that's...